Much, much better trading today. Since I couldn't get any follow through yesterday and heard other people comment the same thing about their trades (no follow through) I decided I'd take a bigger piece off the table on my first take profit, just in case today was the same. The market is starting to chop around 2018 lows and looks like it's forming a base. Anyhow, I feel like I executed both of my trades today very well.
This is the first time I've traded shares of the $SPY. I have traded options against it in the past but I never seem to do well. I always have it on watch in the corner so I can see what the broader market is doing during the day and today I thought, why not trade the shares? Anyhow, it sold off a little in the morning then started driving and went red to green. On the pull back into the morning high (and opening price) I was looking for support at the tradeline. The tradeline was holding so I hopped in, got my first piece off but was stopped out when the tradeline failed to hold support. Because I ditched 33% of my position in front of the high of day I walked away from this trade with a small profit. VWAP ended up holding support and it moved higher but that wasn't the trade I was in.
This was a tough trade. Same as the $SPY trade, this sold off in the opening drive then pushed red to green. I was looking for the $141/$142 area to hold support from yesterday's high. When it came through that level and recovered I got long with my stop down at $140.00. Not too long after I entered the trade it started breaking down and I could feel my blood starting to boil. I was within a few cents of getting stopped on this one but I held firm and kept the position alive. I got my first two take profits off right where I wanted to then noticed the daily range and time of day. By the time it put in a new high it was already at something like $23 on the day and we were heading into lunch.That $149.48 level was the pivot high from a couple days back too and I started losing confidence it could break that line and started looking to reverse my position and fade it through lunch. I closed my position and waited for a confirmation breakdown but when that happened 15 minutes later or so I didn't like the risk/reward on the fade and held off from entering.